Firm in Focus - Fidelity Bank
Through the third quarter of FY2013 (September 30th), FBB reported net earnings of $6.77M, continuing to significantly outperform (+$2.42M or 55.53%) the previous year’s comparable. To-tal income for the period was up $4.29M (24.64%) to $21.70M; outpacing the $2.29M (15.31%) growth in overall expenses to $15.06M. Driving this improvement is the Bank’s renewed fo-cused of favouring higher-yielding consumer loans vs. lower margin mortgage loans. In recent press reports, FBB’s management indicted the loan mix was now 55% consumer loans vs. 45% mortgages. FIF_FIDELITY_BANK_-_Newspaper_Research_Update_November_2013_web Click here for full Investment Update

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